NAME OF RESEARCH

Georgian Oil and Gas Corporation - Getting more Georgia

NAME OF AUTHOR

Bank of Georgia Research

CATEGORY

Energy

YEAR

2012-08-07

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State-owned GOGC placed a debut 5-year US$ 250mn Eurobond at 7.125% YTM in May 2012. Active interest from investors points to their conviction in both the Georgian macroeconomic story and the company’s prospects. Staunch government support and a solid cash flow generating profile leave us comfortable with GOGC’s ability to respect Eurobond covenants and service the debt.